Fees for New York's 529 college savings program to drop

Management fees for New York's 529 college savings program are going down slightly.

State Comptroller Thomas P. DiNapoli says management fees for the direct plan will be reduced from 0.17 percent to 0.16 percent. DiNapoli says it is the plan's fourth fee reduction since 2009.

So-called 529 programs allow people to save money for children's college expenses with tax advantages.

New York's plan has about $16 billion in assets.